Payer death rider

{
  "id": "MLC-T-INS-002521",
  "term": "Payer death rider",
  "field": "Insurance and risk management",
  "definition": "An optional provision added to a life insurance policy or annuity contract that waives future premium payments if the policy's designated payer dies. This rider is typically purchased when the policyholder and the premium payer are different individuals, such as a parent paying for a child's policy. The waiver of premium continues for a specified period or until the insured reaches a certain age.",
  "url": "https://mlchart.com/terminology/insurance/payer-death-rider/"
}